NEW TAX credits for working families will be abused by benefit fraudsters, alleges the accountancy f...
NEW TAX credits for working families will be abused by benefit fraudsters, alleges the accountancy firm Grant Thornton in the Daily Telegraph this morning.
New 16-page forms have to be used by families earning up to £50,000 a year to claim the child tax credit and working tax credit, which this weekend replaces the children's tax credit and working families' tax credit.
However, Grant Thornton says at least 10% of the forms - which have to be submitted by April 6 - will be fraudulent.
THE CONSERVATIVE Party is stoking pressure further and says families will be £500 worse off a year once National Insurance increases in a few days time, adds the Times.
The average family will be more than £500 a year worse off as a result of tax changes coming into effect from next week, along with frozen salary increases and potentially higher council tax bills.
Gartmore is to challenge the traditional methods of paying for trading and research by unbundling such services and paying separate firms an agreed amount rather than a straight commission, according to this morning's FT.
Deals have apparently been signed with Merrill Lynch and Goldman Sachs to pay for the separate services, ahead of new proposals from the FSA to increase transparency of the costs of the such services.
It is believed that existing arrangements for stockbroking revenue lower net investment returns on funds.
BRITANNIA Building Society is reported to have fired one of its directors, says the Telegraph, after a row over the future of the firm.
John Suffolk, managing director of Britannia's membership business, is reported to have been "ousted" from the building society following a disagreement over its future strategy.
Disagreement is believed to have arisen over plans to separate Britannia into two divisions: one aimed at members to focus on mortgages and savings, and a second "capital investment group".
AND THERE is speculation in the Scotsman that Aberdeen Asset Management may try to push through the sale of its property business before Gordon Brown delivers his Budget speech next week.
Aberdeen may attempt to complete the deal early to avoid paying higher stamp duty, as Brown is rumoured to be considering increasing stamp duty to as much as 6% on properties worth over £1m, and the struggling company needs to raise as much as possible from the sale.
What made financial headlines over the weekend?
To promote 'long-term investment'
Switching 'hard and expensive'
Smaller funds still packing a punch